The GBPUSD moved lower early in the U.K. session, leaving a second lower high for the day. Buyers emerged just above yesterday’s low and the pair began a retracement higher. When it began to move down again it left a third lower high for the day. A short was taken risking 16 pips for a potential 52 pips to our daily target at 1.3848.
We locked in profit before the U.S. session overlap and closed the trade when it reached our target.
Good luck with your trading!
There was very little economic news today and the USD tried to bounce at a technical level just above 91.00
Equity markets were moving down from their recent highs and currency flows – typical of the “risk off” environment moved to the yen.
A short was taken in the USDJPY after it made a third lower high in the U.K. session risking 10 pips for a potential 45 pips to our daily target at 107.96. Price moved lower for the balance of the U.K. session overlap and we exited the trade at the London close. Yen crosses moved lower too, with commodity currencies being particularly vulnerable to the downside.
The DXY has moved down since its March 31st rise to 93.45 and currently rests just above a technical level near 91.00. A close below 91.00 could see the 90.47, 90.00 and 89.73 levels tested. Continued closes above 91.00 could see the index test the 91.50 area and 92.00.
Good luck with your trading!
The DXY had moved down for three straight days this week, so it was not surprising to see retracement trades set up today. After some some disappointing Canadian news and very positive U.S. economic news, a long USDCAD trade was taken risking 13 pips for a potential 38 pips to our daily target at 1.2552.
The pair had found a bottom and was moving higher in advance of the U.S. session overlap. With lots of economic news pending, patience was important. After a pullback and reversal pattern, the pair was able to move up and test its Asian session high. We moved our profit stop just below this level and when the pair reached our target the trade was closed.
Tomorrow, going into the weekend, we may find this pair testing the familiar 1.2600 area – where it has struggled or with USD weakness – testing the 1.2400 area.
Good luck with your trading!
The commodity currencies were particularly strong against the USD today and with WTI up, a short was taken in the USDCAD.
An earlier entry would have been ideal, but once the pair had downside momentum today, a trade was taken risking 11 pips for a potential 50 pips to our target at 1.2499. After the entry, the pair moved lower through its Asian session range and yesterday’s low. We exited the trade at the U.K. close – about 15 pips above our target. Had I been able to watch the trade following the London close, I would have kept it on.
If the DXY continues lower for a fourth day tomorrow, the pair could test 1.2475, 1.2449, 1.2413 and 1.2400
A move higher could test 1.2627, 1.2646, 1.2675 and 1.2700
Good luck with your trading!
As the U.S. session overlap got underway, the DXY continued to move lower today. With the EURUSD moving higher and the GBPUSD moving lower, it was clear a long EURGBP position would be tactical.
An entry was taken risking 12 pips for a potential 41 pips to our daily target at .8679. Price was able to move higher to close above its Asian session high, then on to test the interim swing high from earlier in the U.K. session. As we went into the European close, price stalled and we place our profit stop just above yesterday’s high. The next candle closed the trade.
If the pair continues to move higher, .8700, .8725, .8750 and .8780 are areas to watch. To the downside this pair could retrace back to .8500 and .8472.
Good luck with your trading!
A nice start to the trading week. There were several nice trade setups today to take advantage of with a weaker USD.
A long was taken early in the U.S. session overlap risking 15 pips for a potential 38 pips to our daily target at 1.1855. The trade had momentum moving higher without any significant retracements. The trade was exited at the London close, a few pips short of your goal.
With continued USD weakness the pair may move higher to test a significant barrier in the 1.1880 region before testing the 1.1900 figure.
Good luck with your trading!
